On this page of StockholderLetter.com we present the latest annual shareholder letter from BARNWELL INDUSTRIES INC — ticker symbol BRN. Reading current and past BRN letters to shareholders can bring important insights into the investment thesis.

 •  4/28/2025 Letter Continued (Full PDF)
 •  3/6/2023 BRN Stockholder Letter
 •  4/2/2024 BRN Stockholder Letter
 •  More "Oil & Gas Exploration & Production" Category Stockholder Letters
 •  BRN Benford's Law Stock Score = 90

BRN Shareholder/Stockholder Letter Transcript:

Barnwell Industries, Inc.
2024 Annual Report

FINANCIAL AND OPERATING HIGHLIGHTS
Year ended September 30,
2022
2024
2023
$ 21,724,000
$ 25,269,000
Net earnings (loss)
$ (5,565,000)

Net earnings (loss) per share    
diluted


FINANCIAL:
Revenues
(0.56)
2021
2020
$ 28,545,000
$ 18,113,000
$ 18,347,000
(961,000)

5,513,000

6,253,000
$ (4,756,000)
(0.10)

0.57

0.73

(0.57)
OPERATING:
Production Oil and natural
gas liquids     barrels
267,000
256,000
230,000
171,000
174,000
Natural gas     MCF**
1,344,000
1,263,000
964,000
694,000
649,000
Average price Oil and natural gas
liquids, per barrel
Natural gas, per MCF**

57.59

62.15

78.66

48.96

31.84

1.41

2.64

4.63

2.62

1.64
2024
2023
At September 30,
2022
2021
2020
$ 30,669,000
$ 35,421,000
$ 37,215,000
$ 24,435,000
$ 15,182,000
RESERVES*:
Oil and liquids     barrels:
Proved Developed Reserves
Proved Undeveloped Reserves
Total
1,213,000
132,000
1,345,000
1,116,000
110,000
1,226,000
1,046,000
34,000
1,080,000
636,000
4,000
640,000
530,000
5,000 ,
535,000
Natural gas     MCF**:
Proved Developed Reserves
Proved Undeveloped Reserves
Total
5,815,000
640,000
6,455,000
6,093,000
608,000
6,701,000
4,857,000
128,000
4,985,000
2,913,000
2,913,000
2,310,000
2,310,000
Total equivalent reserves
    BOE***:
Proved Developed Reserves
Proved Undeveloped Reserves
Total
2,184,000
239,000
2,423,000
2,132,000
211,000 ,
2,343,000
1,883,000
56,000
1,939,000
1,138,000
4,000 ,
1,142,000
FINANCIAL:
Total assets
* Amounts prior to fiscal 2022 include reserves located only in Canada.
** MCF means 1,000 cubic feet
*** BOE means barrel of oil equivalent at the rate of 6 MCF per Bbl of oil or NGL
Reserves are calculated by an independent engineering firm based on SEC constant pricing.
928,000
5,000,
933,000






 4/28/2025 Letter Continued (Full PDF)